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PM Vidyalaxmi Scheme - Benefits, eligibility, Colleges, Loan Amount and Online Applications
- The Vidya Lakshmi Scheme is a government initiative in India that offers an integrated platform for students seeking education loans to pursue higher studies.
- PM-Vidyalaxmi scheme provide students a centralized portal to apply for loans from multiple banks, as well as view eligibility and application criteria.
- The scheme aims to make higher education more accessible by offering collateral-free loans, easy digital applications and interest support.
- Students can apply for loans up to INR 10 lakh for studies within India and up to INR 20 lakh for studies abroad.
- Any student admitted to a Quality Higher Education Institution can get a loan from banks and financial institutions to cover the full amount of tuition fees and other expenses related to the course.
- The PM-Vidyalaxmi Scheme offers a transparent and student-friendly system that is interoperable and entirely digital.
- The Dept. of Higher Education will create a list of top institutions eligible for PM-Vidyalaxmi loans, including Top 100 ranked Higher Education Institutions in NIRF rankings.
- Students with family income up to ₹8 lakh per year are eligible for a 3% interest subvention on loans up to ₹10 lakh.
- The PM-Vidyalaxmi Scheme approved by the Cabinet, has allocated ₹3,600 crore for the period from 2024-25 to 2030-31, supporting 1 lakh students annually, benefiting 7 lakh students by 2031.
- Students can apply online for the PM Vidyalaxmi Scheme by visiting https://www.vidyalakshmi.co.in, and registering on the portal. They can fill out the Common Education Loan Application Form (CELAF) and choose the banks and loan schemes they're interested in.
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